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08 August, 2020 02:57 IST
State Bank of India to invest Rs 72.50 bn in Yes Bank
Source: IRIS | 13 Mar, 2020, 04.17PM
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State Bank (Q,N,C,F)* of India (SBI) on Thursday approved an investment of ₹72.50 billion in Yes Bank Ltd, as part of a rescue plan for the troubled lender.

The executive committee of the board of India's largest lender approved the purchase of 7.25 billion equity shares of Yes Bank at Rs 10 a share, subject to regulatory approval. SBI's stake in Yes Bank will remain within 49% of the paid-up capital of the bank, the SBI said in a regulatory filing.

Under the Reserve Bank of India (RBI)-supervised 'Yes Bank Reconstruction Scheme, 2020', SBI is required to maintain at least 26% stake in Yes Bank for a period of three years. SBI's proposed plan was to invest a minimum of Rs 24.50 billion to begin with and a maximum of Rs 100 billion for 49% stake in the bank.  

Shares of SBI gained Rs 28.05, or 13.18%, to trade  at  Rs 240.80.  The total volume of shares traded  was 67,28,888 at  the BSE (Friday).

Shares of Yes Bank gained Rs 0.55, or 2.20%, to trade  at  Rs 25.60.  The total volume of shares traded  was 2,37,41,859 at  the BSE (Friday).

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